unclaimed property

[MGC94]

What do you do if someone gets money for unclaimed property? 

They got a check for $6,402.89 

[MGC94]

They also got a 1099-int from the unclaimed property of $1,352.05

[Just-Lisa-Now-]

Obviously the 1099INT gets included..."what" was the other money?  would it have been taxable if they'd received back before it went unclaimed?

[MGC94]

All the gave me was a check slip from the state with that amount on it. I do not know what the unclaimed property was. 

If it does get taxed. How does it get reported? 

[IRonMaN]

Kinda depends on what the payment was for.

[BobKamman]

Why don't you ask them what it was?  It could be an inheritance, it could be stock they owned 10 years ago that was sold five years ago (so the statute has expired).  That amount of interest suggests whatever it was, happened long ago.  Most states, though, don't pay interest on claims.  

[MGC94]

I plan on asking them. They only dropped off their papers. I just am not sure where it would get reported if it were reportable. 

I will ask him 

[BobKamman]

Don't worry, it probably isn't.  On slow days I check clients with unusual names on the list at missingmoney.com.  Quite often find something, and help them claim it.  It's never anything taxable (but again, I can't remember ever seeing interest paid).  

[garman22]

Im seeing a lot of these 1099-Int forms. Illinois treasury........

Most have NO clue...

[TaxGuyBill]

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@MGC94 wrote:

 I just am not sure where it would get reported if it were reportable. 

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There is no way to know if or where it is reported until you know what it is from.

[taxes96786]

Due diligence...ask the client to explain the source.